Goldman raises SAP target: SAP stock gains 1.86 percent

Published on 10/06/2026 at 13:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SAP's cloud backlog grew 27.00 percent in the second quarter of 2026. SAP stock costs EUR 188.94 on October 6, 2026 versus EUR 185.49.

SAP SE (DE0007164600) Bauhaus-Poster mit stilisierten Datenfluss-Pfeilen in Blau, Orange und Weiß, Illustration mit AI erstellt.

SAP stock (ISIN DE0007164600) was trading at EUR 188.94 at Lang & Schwarz on October 6, 2026 at 1:10 p.m. CEST, up 1.86 percent versus the prior close of EUR 185.49. On the same date, Goldman raised its SAP price target from EUR 215.00 to EUR 230.00 and kept a Buy rating, according to Goldesel.

Goldman lifts target to EUR 230

The new target is EUR 15.00 above the previous EUR 215.00 level, a 6.98 percent increase. At the Lang & Schwarz price of EUR 188.94, the new target lies 21.73 percent above the reference price, using the same euro currency.

The analyst move arrives while SAP is in its quiet period ahead of third-quarter reporting. The target change gives the stock a fresh valuation reference, but the next operating update will determine whether cloud growth and profitability support that view.

Cloud backlog reaches EUR 22.90 billion

SAP's second-quarter 2026 results show current cloud backlog of EUR 22.90 billion, up 27.00 percent year over year. Cloud revenue rose 22.00 percent to EUR 6.30 billion, while total revenue increased 9.00 percent to EUR 9.90 billion, according to SAP in its investor-relations materials.

The operational picture is mixed in a precise way: the contracted cloud pipeline accelerated, while the second-quarter operating profit grew 8.00 percent under IFRS. SAP also reported non-IFRS operating profit of EUR 2.70 billion, up 9.00 percent at constant currencies, making margin execution a key test for the next report.

Third-quarter results due October 21

SAP has scheduled its third-quarter 2026 results for October 21, 2026, with disclosure at 10:05 p.m. CET and the analyst conference at 11:00 p.m. CET, according to SAP. The company maintained its top-line and free-cash-flow outlook in the second-quarter materials while updating the non-IFRS operating-profit outlook for acquisition effects.

SAP stock remains below its yearly high

SAP's market capitalization was EUR 218.2 billion on October 6, 2026. The 52-week range was EUR 127.50 to EUR 244.30, placing the Lang & Schwarz price EUR 55.36 below the high, or 22.66 percent lower, while the stock remained EUR 61.44 above the low.

SAP is listed on Xetra under ticker SAP and is a DAX constituent. Its application-software business is now being judged on two linked measures: whether cloud backlog converts into revenue and whether AI investment can coexist with operating leverage.

Price holds above EUR 185.00

SAP stock was trading at EUR 188.94 at Lang & Schwarz on October 6, 2026 at 1:10 p.m. CEST, up 1.86 percent versus the Lang & Schwarz prior close of EUR 185.49 from October 5, 2026. The further course of trading is shown by the continuously updated real-time quote of SAP stock.